Axel: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Axel
Largest movements
- Receivables within one year -€20,838
down €20,838 (-29.4%), from €70,992 to €50,154
- Cash +€9,290
up €9,290 (+167.6%), from €5,543 to €14,833
mainly Receivables within one year (+€20,838) and Depreciation (+€7,789)
- Tangible fixed assets -€4,494
down €4,494 (-27.1%), from €16,596 to €12,101
of which Land and buildings: -€5,436
- Deferred charges and accrued income +€2,696
up €2,696 (+1075.2%), from €251 to €2,947
- Financial fixed assets +€1,320
up €1,320 (+132.0%), from €1,000 to €2,320
- Tax, wage and social debts -€7,671
down €7,671 (-14.1%), from €54,231 to €46,560
of which Taxes: -€9,527
- Trade debts +€6,355
up €6,355 (+273.4%), from €2,325 to €8,680
- Profit (loss) carried forward -€5,629
down €5,629, from €2,315 to -€3,314
- Accrued charges and deferred income -€4,785
down €4,785 (-83.9%), from €5,705 to €920
- Turnover -€282,726
no longer reported in 2025 (was €282,726)
- Purchases and services -€182,195
no longer reported in 2025 (was €182,195)
- Gross operating margin +€17,284
up €17,284 (+17.2%), from €100,531 to €117,815
- Staff costs +€9,691
up €9,691 (+10.3%), from €94,218 to €103,909
- Financial charges +€3,197
up €3,197 (+1010.5%), from €316 to €3,514
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €94,381 | €82,356 | -€12,026 | -12.7% |
| Fixed assets | 21/28 | €17,596 | €14,421 | -€3,174 | -18.0% |
| Tangible fixed assets | 22/27 | €16,596 | €12,101 | -€4,494 | -27.1% |
| Land and buildings | 22 | €5,942 | €506 | -€5,436 | -91.5% |
| Plant, machinery and equipment | 23 | €3,075 | €5,523 | +€2,448 | +79.6% |
| Furniture and vehicles | 24 | €7,579 | €6,072 | -€1,507 | -19.9% |
| Financial fixed assets | 28 | €1,000 | €2,320 | +€1,320 | +132.0% |
| Current assets | 29/58 | €76,786 | €67,934 | -€8,851 | -11.5% |
| Amounts receivable within one year | 40/41 | €70,992 | €50,154 | -€20,838 | -29.4% |
| Trade receivables | 40 | €70,992 | €50,154 | -€20,838 | -29.4% |
| Cash at bank and in hand | 54/58 | €5,543 | €14,833 | +€9,290 | +167.6% |
| Deferred charges and accrued income | 490/1 | €251 | €2,947 | +€2,696 | +1075.2% |
| Total equity and liabilities | 10/49 | €94,381 | €82,356 | -€12,026 | -12.7% |
| Equity | 10/15 | €25,619 | €19,990 | -€5,629 | -22.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €17,107 | €17,107 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,410 | €7,410 | = | 0.0% |
| Distributable reserves | 133 | €7,697 | €7,697 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,315 | -€3,314 | -€5,629 | |
| Amounts payable | 17/49 | €68,762 | €62,366 | -€6,397 | -9.3% |
| Amounts payable within one year | 42/48 | €63,057 | €61,445 | -€1,611 | -2.6% |
| Trade debts | 44 | €2,325 | €8,680 | +€6,355 | +273.4% |
| Suppliers | 440/4 | €2,325 | €8,680 | +€6,355 | +273.4% |
| Taxes, remuneration and social security | 45 | €54,231 | €46,560 | -€7,671 | -14.1% |
| Taxes | 450/3 | €34,637 | €25,110 | -€9,527 | -27.5% |
| Remuneration and social security | 454/9 | €19,594 | €21,451 | +€1,856 | +9.5% |
| Other amounts payable | 47/48 | €6,501 | €6,205 | -€296 | -4.5% |
| Accrued charges and deferred income | 492/3 | €5,705 | €920 | -€4,785 | -83.9% |
| Turnover | 70 | €282,726 | - | -€282,726 | |
| Goods, raw materials, services and sundry goods | 60/61 | €182,195 | - | -€182,195 | |
| Remuneration, social security and pensions | 62 | €94,218 | €103,909 | +€9,691 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,873 | €7,789 | +€916 | +13.3% |
| Other operating charges | 640/8 | €1,524 | €3,200 | +€1,676 | +110.0% |
| Non-recurring operating charges | 66A | - | €4,493 | +€4,493 | |
| Gross operating margin | 9900 | €100,531 | €117,815 | +€17,284 | +17.2% |
| Operating profit (loss) | 9901 | -€2,084 | -€1,576 | +€507 | +24.4% |
| Financial income | 75/76B | €12 | €1 | -€12 | -95.9% |
| Recurring financial income | 75 | €12 | €1 | -€12 | -95.9% |
| Financial charges | 65/66B | €316 | €3,514 | +€3,197 | +1010.5% |
| Recurring financial charges | 65 | €316 | €3,514 | +€3,197 | +1010.5% |
| Profit (loss) for the period before taxes | 9903 | -€2,388 | -€5,090 | -€2,702 | -113.1% |
| Income taxes | 67/77 | €1,341 | €539 | -€802 | -59.8% |
| Profit (loss) for the period | 9904 | -€3,729 | -€5,629 | -€1,900 | -50.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,729 | -€5,629 | -€1,900 | -50.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.